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Thread: Elizabeth Hurley's son Damian wins multi-million dollar inheritance battle: report

  1. #1
    fgg
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    Default Elizabeth Hurley's son Damian wins multi-million dollar inheritance battle: report

    Elizabeth Hurley’s son Damian will inherit some of his dad’s multi-million family fortune – despite his grandad’s attempt to cut him out, reports claims.

    Damian, 17, whose dad is millionaire Steve Bing, had been told he would not get any money from the trust because he was born out of wedlock.

    Damian's grandfather, real estate heir Dr. Peter Bing, had tried to prevent the teen model and his half-sister, Kira Kerkorian, from accessing their inheritance.

    But a Los Angeles judge ruled this week that Damian and Kira, the daughter of Steve and ex-tennis pro Lisa Bonder, were beneficiaries to Dr. Peter Bing's trust, DailyMail.com reported.

    The grandad had tried to claim Damian should not inherit because the model had never met his own dad, according to court papers.

    But dad Steve, 54, blasted this statement, with his legal team branding the petition a "sham".

    Steve is estimated to be worth a whopping $475 million, the Daily Mail reports after he inherited his grandfather Leo's fortune.

    He also accused his dad, Dr. Bing, of "orchestrating a massive money-grab" with his sister Mary, 53, so her kids would inherit more money.

    Dr. Bing established his trust in 1980 to "benefit [his] future grandchildren," who were born or adopted at a young age by Steve or his daughter Mary.

    But in March, a motion attempted to clarify the meaning of grandchild.

    The documents state any of Dr. Bing's grandchildren must be "raised by my children as part of their families" to receive any financial benefits from him after he set up the GC trust in 1980.

    The papers also stated his trust will not be passed on to "any person bought out of wedlock unless that person had lived for a substantial period of time as a regular member of the household."

    But on Tuesday, Judge Daniel Juarez shot down claims the term 'grandchild' was ambiguous and needed to be clarified.

    Juarez wrote in his judgment, citing case law: “There is no ambiguity in the Trusts' use of the term 'grandchild.'"

    “The Trustee's interpretation of the Trusts is unreasonable because no ambiguity exists and the Trustee's construction of ‘grandchild’ is simply unfounded.”

    Although the exact value of the trust is not known, all grandchildren beneficiaries are expected to inherit at least several millions.

    The legal battle kicked off when Kira asked to find out more information about the trust, as she insisted she was a beneficiary.

    Peter's affidavit reads: "I have never met Damian or Kira, and neither of them was raised by Stephen as part of his family.

    "l know that neither of them has lived with Stephen while a minor as a regular member of his household.

    “To the best of my knowledge, Stephen has never met Damian, and Stephen only met Kira after she became an adult.

    “Regardless of whether, when and if Stephen met with or had any relationship with Damian or Kira while they are or were minor because neither was raised by him during their formative years l do not consider them my grandchildren."

    It continues: “Even were Stephen to develop a relationship with Damian now, l would not consider him my grandchild because he is nearing adulthood.”

    Elizabeth, 53, and Steve enjoyed a relationship in 2001.

    Just one year later Damian was born, but at the time the 53-year-old businessman insisted the model's only child was not his.

    However, a paternity test proved he was the biological father of Liz's child.

    It is unknown if Damian has been seeking information about the inheritance.

    https://www.foxnews.com/entertainmen...en-inheritance
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    Elite Member sputnik's Avatar
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    is it so hard for these men to understand that if they want to fuck around with impunity and no condoms, they should get vasectomies?
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    Elite Member Geest's Avatar
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    As I understood, dad Steve has no problems with them inheriting, it's Granddad Bing who is a dick here.

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    Elite Member sputnik's Avatar
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    yeah i think at least steve bing, once the test proved he was the dad, coughed up the cash. even if he refused to be in his son's life, at least he paid. granddpa sounds like a dick.
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    Elite Member Kittylady's Avatar
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    Quote Originally Posted by Geest View Post
    As I understood, dad Steve has no problems with them inheriting, it's Granddad Bing who is a dick here.
    Yep. If he wanted conditions on which grandchildren could inherit from the trust then he should have included them at the time it was set up. Also, shitting on your grandchildren because you disagree with the parent/s is not a good look for anyone.
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    Elite Member Beeyotch's Avatar
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    I agree it's a shit move, But I evidently don't understand how trusts work because I was under the impression Grandpa Moneybags could change whatever to disinherit whoever he wants.

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    Elite Member Kittylady's Avatar
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    Quote Originally Posted by Beeyotch View Post
    I agree it's a shit move, But I evidently don't understand how trusts work because I was under the impression Grandpa Moneybags could change whatever to disinherit whoever he wants.
    I think it differs from a Will where you can bequeath and disinherit to your hearts content in that once you set up a trust it stops being 'your' money and is ringfenced with only the Trustees able to control it and only within the terms set out in the original documentation.

    Grandpa Moneybags only included 'grandchildren' and failed to set conditions (such as being born within wedlock, must have had a custodial relationship with a parent, got a college education or whatever) so he's shit out of luck when it comes to visiting the sins of the father on the son and daughter.
    fgg and Honeythorn like this.
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    Elite Member greysfang's Avatar
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    So this is on the web when researching:

    Peter Bing, MD, is a nationally-renowned philanthropist who has devoted his life to improving the lives of others.

    http://www.wmworkshop.org/images/NYC...BingAwards.pdf
    I'm not sure what the big deal is anyway. Steve Bing inherited a huge chunk directly from his grandfather Leo, so its not like the kids aren't going to be filthy rich regardless. I agree with Steve that this is all a money grab by his sister and grandpa just went along with it.
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